Whether a business is large or small, company heads set overall goals for the business and break these down into objectives. Management has to develop and implement plans to meet these objectives.

Managers are often jokingly referred to as being in charge of everything and nothing. This is because management usually sets goals, overseeing departments and personnel who execute their strategies.

A business plan outlines the what, why, when, and how of business operations. The “what” represents the products or services the business will offer to the market. The “why” denotes the purpose of the ...